The company said its net profit for the year to March reached 139.6 billion yen ($1.27 billion), beating its own expectations despite repeatedly raised annual targets.

Furukawa has a long and storied history with Nintendo, despite his age.

At 46, he's a particularly young appointment, which is apparently a purposeful decision on the part of Kimishima, who wanted a successor that could more easily connect with the company's customers.

Bloombergreports that Furukawa said he hopes to balance Nintendo's traditions of originality and flexibility. Now as a member of management with Super Mario's creator Shigeru Miyamoto, I have a lot of respect for him.

Kimishima's departure isn't the only one either, with Nintendo of Europe boss Satoru Shibata announced to be leaving his role in Europe to return to Nintendo headquarters in a more senior role. (NTDOY.PK), he has the chance to build a new franchise atop a hit product, the Switch.

There's plenty of Nintendo news today as the company has revealed their first full financial year with the Nintendo Switch on sale. Furukawa is known as a very intelligent person who is even able to speak fluent English.

In total, Nintendo's total assets have increased to 1663.7 billion yen (£10.7 billion) with operating profits increasing to 177.5 billion yen (£1.1 billion). "He may be the flawless person to fill the communication gap that exists between Nintendo and investors". On top of that, Nintendo's forecasts for sales during the financial year were 10 million units, meaning they outsold their estimate by around 50%.

Video game stories from other sites on the web.

Nintendo announced that Kimishima's current term as president will end on June 28 and that he will be using this opportunity to retire from the position.

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